Correlation Between EA Series and Calamos Antetokounmpo
Can any of the company-specific risk be diversified away by investing in both EA Series and Calamos Antetokounmpo at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining EA Series and Calamos Antetokounmpo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between EA Series Trust and Calamos Antetokounmpo Sustainable, you can compare the effects of market volatilities on EA Series and Calamos Antetokounmpo and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in EA Series with a short position of Calamos Antetokounmpo. Check out your portfolio center. Please also check ongoing floating volatility patterns of EA Series and Calamos Antetokounmpo.
Diversification Opportunities for EA Series and Calamos Antetokounmpo
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between STXK and Calamos is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding EA Series Trust and Calamos Antetokounmpo Sustaina in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Antetokounmpo and EA Series is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on EA Series Trust are associated (or correlated) with Calamos Antetokounmpo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Antetokounmpo has no effect on the direction of EA Series i.e., EA Series and Calamos Antetokounmpo go up and down completely randomly.
Pair Corralation between EA Series and Calamos Antetokounmpo
Given the investment horizon of 90 days EA Series Trust is expected to generate 1.76 times more return on investment than Calamos Antetokounmpo. However, EA Series is 1.76 times more volatile than Calamos Antetokounmpo Sustainable. It trades about 0.1 of its potential returns per unit of risk. Calamos Antetokounmpo Sustainable is currently generating about 0.1 per unit of risk. If you would invest 2,924 in EA Series Trust on September 1, 2024 and sell it today you would earn a total of 484.00 from holding EA Series Trust or generate 16.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
EA Series Trust vs. Calamos Antetokounmpo Sustaina
Performance |
| Timeline |
| EA Series Trust |
| Calamos Antetokounmpo |
EA Series and Calamos Antetokounmpo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EA Series and Calamos Antetokounmpo
The main advantage of trading using opposite EA Series and Calamos Antetokounmpo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EA Series position performs unexpectedly, Calamos Antetokounmpo can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Calamos Antetokounmpo will offset losses from the drop in Calamos Antetokounmpo's long position.| EA Series vs. Schwab Fundamental Large | EA Series vs. Schwab Fundamental International | EA Series vs. Schwab Fundamental International | EA Series vs. Schwab Fundamental Emerging |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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